The U.S. Bank has unveiled that it is attempting to stop fraud by using consumers’ mobile phones geolocation to determine if a consumer’s card information matches that of its phone, according to a report by American Banker.
Nowadays, it’s no longer possible to walk down the street without seeing someone on their phone. Nor is it possible to avoid the threat of fraud or identity theft, which targets people all over the world.
Now, though, in a bid to stop fraud the U.S. Bank has announced that it may have the solution to this: by utilizing a mobile phone’s geolocation by pinpointing exactly where a customer is and if it matches the location of their card.
The bank [...]